Quarterly report pursuant to Section 13 or 15(d)

Revenue

v3.23.2
Revenue
 6 Months Ended
Jun. 30, 2023
Revenue from Contract with Customer [Abstract]  
Revenue

Note 10 – Revenue

 

The Company had net revenue for the three and six months ended June 30, 2023 and 2022 as follows:

 

    June 30, 2023     June 30, 2022  
    Three Months ended     Three Months ended  
    June 30, 2023     June 30, 2022  
Dashboards   $ 19,420     $ 10,478  
IT Managed Services     —       22,620  
Software and Interfaces     2,500       5,580  
Support and Maintenance     66,167       26,895  
vCIO Services     42,356       13,240  
Marketing and Management     35,100       —  
Software Licenses Fees     25,277       15,247  
Other     33       451  
Total Net Revenue   $ 190,853     $ 94,511  

 

    June 30, 2023     June 30, 2022  
    Six Months ended     Six Months ended  
    June 30, 2023     June 30, 2022  
Dashboards   $ 29,320     $ 24,102  
IT Managed Services     65,208       48,360  
Software and Interfaces     12,120       5,580  
Support and Maintenance     112,487       52,736  
vCIO Services     84,801       27,431  
Marketing and Management     —       —  
Software Licenses Fees     51,529       30,744  
Other     11,303       2,374  
Total Net Revenue   $ 366,768     $ 191,327  

 

Generally, work is billed monthly by the hour at agreed upon hourly rates for all of the above revenue streams.

 

For all of the Company’s services, the Company typically has one performance obligation; however, it also provides the customer with an option to acquire additional services. The Company typically provides a menu of offerings from which the customer may choose to purchase. The price of each service is separate and distinct and provides a separate and distinct value to the customer. Pricing is generally consistent for each service irrespective of the other services or quantities requested by the customer.

 

When the Company receives consideration from a customer prior to transferring services to the customer under the terms of the contract, it records deferred revenues on the Company’s consolidated balance sheet, which represents a contract liability.

 

The Company has an internal sales force compensation program where remuneration is based solely on the revenues recognized in the period and does not represent an incremental cost to the Company which provides a future benefit expected to be longer than one year and would meet the criteria to be capitalized and presented as a contract asset on the Company’s consolidated balance sheet.